Princeton, NJ -- (SBWIRE) -- 06/01/2018 -- The cloud Enterprise Resource Planning (ERP) market size is expected to grow from USD 18.52 Billion in 2016 to USD 29.84 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period. The major growth drivers of the cloud ERP market include, rising adoption of cloud infrastructure and mobile applications, coupled with surge in demand from Small & Medium Enterprises (SMEs), owing to the increasing need to attain optimal business process efficiency and transparency.

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The cloud ERP market is segmented by component, function, deployment mode, organization size, vertical, and region. The solution component is estimated to have the largest market size in 2016. Moreover, the service segment will grow at the highest CAGR during the forecast period. An increasing demand from large enterprises and SMEs from diverse industry verticals for such hosted ERP solutions & services has led to the growth of the cloud ERP market. In addition, government support on implementation of IT infrastructure across enterprises is expected to augment demand for such solutions.

The finance function segment is expected to grow at the highest CAGR during the forecast period. Efficient and reliable management of various financial activities, such as accounting, assets management, investments, and cash flow management drive the demand over the forecast period. However, the operations function segment holds the largest share of cloud ERP market in 2016, on account of exponentially rising demand for such solutions across business operations processes from various industry verticals.

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The managed services segment is expected to grow at the highest CAGR during the forecast period, while the professional services segment is expected to hold the highest market size in 2016. Additionally, the consulting professional service segment is expected to grow at the highest CAGR during the forecast period. Furthermore, the implementation services segment holds a major share of the cloud professional service market in 2016, owing to the complexities in its integration with the existing systems.

The global cloud ERP market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America, to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue-generating region for cloud ERP solution vendors in 2016. This is mainly because of the presence of major cloud ERP vendors and service providers along with the early adoption trends for innovative technologies in the developed economies of the U.S. and Canada. The APAC region is expected to be the fastest growing region in the cloud ERP market, owing to rising adoption of such solutions across SMEs and large enterprises emerging in this region.

The cloud ERP market faces challenges, such as, issues pertaining to complex integration processes of cloud ERP solutions with existing systems & standardized software package offerings by vendors and design misfits. Moreover, factors such as increased operational costs and availability of open source cloud ERP applications & solutions, limit the market growth.

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Major vendors that offer cloud ERP solutions and services across the globe are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Infor (U.S.), Sage Software, Inc. (U.K.), Epicor Software Corporation (U.S.), Intacct Corporation (U.S.), Financialforce.com (U.S.), Plex Systems, Inc. (U.S.), and Ramco Systems (India). These companies have implemented different types of organic and inorganic growth strategies, such as, innovative product launches, mergers & acquisitions, and partnerships & collaborations to expand their offerings in the cloud ERP market.

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